Government puts imports of gold dore in restricted category

Directorate General of Foreign Trade (DGFT) under Ministry of Commerce and Industry has put imports of gold dore in restricted category. This means, now, importer needs a license to import this commodity.

Gold dore
It is semi-pure alloy of gold and silver which is refined for further purification. Proportions of silver and gold can vary widely. It usually created at site of a mine and then transported to refinery for further purification. Refined gold bars are manufactured from gold dore bar. India imports about 900 tonnes of gold year making it world’s second-biggest gold consumer after China. The imports mainly take care of demand of the jewellery industry.

Wastage and value addition norms for gold religious idols
DGFT also has prescribed wastage and value addition norms for gold religious idols (only gods and goddess) – both plain and studded, of eight carats and up to 24 carats. Under it, percentage of wastage for plain gold idols will be 2.5%, while it will be 5% for studded idols. Similarly, percentage of value addition for plain gold religious idols will be 10% and 14% in case of idols studded with colour gems stones. The percentage for value addition in case of idols studded with diamonds will be 15%.

Month: Current Affairs - December, 2018